LONDON, Oct. 4, 2018 /PRNewswire/ — Enterprise AI refers to the use of artificial intelligence in enterprises to transform business operations and strategy.

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Global enterprise AI market is expected to rise with the CAGR of about 48.5% during the forecast period 2017-2024. Need of artificial intelligence to analyze large and complex data sets is one of the factors that contributes towards the growth of global enterprise AI market during the forecast period. However, slow digitization rate restricts the market growth. Rising of AI demand to enhance business functions is one of the major opportunities whereas, lack of skilled employees acts as one of the challenges for global enterprise AI market during the forecast period.

Geographically, global enterprise AI market report has been segmented in regions such as North America, Asia Pacific, Europe and Rest of the World. North America is expected to dominate market during the forecast period due to technological advancements in artificial intelligence, presence of majority of the prominent market players, etc. However, Asia Pacific is expected to be the fastest growing region in enterprise AI market during the forecast period due to increasing applications in various end-user industries, etc.

The growth in global enterprise AI market is also influenced by the presence of major players such as Google Inc. (United States), IBM Corporation (United States), Microsoft Corporation (United States), Amazon Web Services, Inc. (United States), Hewlett Packard Enterprise (United States), etc. In order to gain competitive advantage, the major players of global enterprise AI market are adopting various strategies such as mergers & acquisitions, product launch, strategic partnership, collaboration, joint ventures, investment, strategic expansion, funding, etc. during the forecast period.

The report on global enterprise AI market is segmented on the basis of component, technology, application, deployment type, organization size and industry. Component segment includes solution and services. Technology segment includes machine learning and deep learning and natural language processing. Application includes security and risk management, marketing management, customer support and experience, human resources and recruitment management, analytics application and process automation. Deployment type segment includes cloud and on premises market. Organization size includes small and medium sized businesses and large enterprises. Industry segment includes banking, financial services, and insurance (BFSI), advertising, media, and entertainment, retail and e commerce, healthcare and life sciences, government and defense, transportation, agriculture, manufacturing, IT and telecommunication and other industries. Cloud is expected to dominate the market during the forecast period due to its increasing adoption to plan cost effective services.

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